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The SPDR Dow Jones Industrial Average ETF (ticker: DIA) aims to mimic the Dow Jones Industrial Average (DJIA) return. However, the ProShares Short Dow30 (ticker:

The SPDR Dow Jones Industrial Average ETF (ticker: DIA) aims to mimic the Dow Jones Industrial Average (DJIA) return. However, the ProShares Short Dow30 (ticker: DOG) aims to short the DJIA and earn 1 the DJIA return. The ProShares UltraShort Dow30 (ticker: DXD) and ProShares UltraPro Short Dow30 (ticker: SDOW) aim to earn 2 and 3 the DJIA return, respectively. Consider that the NAVs of DIA, DOG, DXD, and SDOW all start at $380 and the DJIA earns 12% in the first year and -12% in the second year. If the four ETFs are successful in their objectives, what is the NAV of each ETF at the end of the second year? Year 1 12% Year 2 -12% The NAV of

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